Gold Futures: Potential rebound on the cards

Open interest in gold futures markets shrank for the second session in a row on Tuesday, this time by around 5.6K contracts considering advanced prints from CME Group. Volume, instead, went up by nearly 87K contracts after four consecutive daily pullbacks.

Gold looks supported around $1900

Tuesday’s downtick in gold prices approached the key $1900 mark per ounce troy amidst shrinking open interest, which is indicative that a deeper decline would not be favoured, at least in the very near term.